Coinbase sues Michigan, Illinois and Connecticut over prediction markets
Coinbase filed lawsuits against Michigan, Illinois and Connecticut on 18 December, arguing that federal law gives the CFTC authority over its event contracts. The company is seeking declaratory and injunctive relief to prevent state enforcement while the courts consider the disputes; its chief legal officer said the cases concern state oversight of federally registered exchanges.
The cases could affect whether state gaming regulators can restrict prediction-market contracts offered through federally registered exchanges.